U.S. SECURITIES AND EXCHANGE COMMISSION
INVESTMENT ADVISERS ACT OF 1940
Release No. 1683 / December 4, 1997
SECURITIES EXCHANGE ACT OF 1934
Release No. 39397 / December 4, 1997
Administrative Proceeding File No. 3-9497
ADMINISTRATIVE PROCEEDING INSTITUTED AGAINST A. MORGAN MAREE, JR. &
ASSOCIATES, INC., AND HUGH DUFF ROBERTSON
The Securities and Exchange Commission ("Commission") announced that
on December 4, 1997, it issued an Order Instituting Public Administrative
and Cease-and-Desist Proceeding ("Order") against A. Morgan Maree, Jr. &
Associates, Inc. ("AMM"), a registered investment adviser, and Hugh Duff
Robertson ("Robertson"), AMM's president and sole owner. The Commission's
Order alleges that AMM: (i) accepted undisclosed fees from a non-client in
connection with giving advice to advisory clients; (ii) engaged in
principal transactions with advisory clients without disclosing to its
advisory clients the capacity in which it was acting and failing to obtain
the written consent of the advisory clients prior to the completion of the
transactions; and (iii) filed false statements with the Commission in
Form ADV submissions regarding this conduct. The Order further alleges
that Robertson aided and abetted and caused AMM's violative conduct and
filed false statements with the Commission in Form ADV submissions
regarding this conduct.
A hearing will be scheduled to take evidence on the staff's
allegations and to afford the Respondents an opportunity to present any
defenses thereto. The purpose of the hearing is to determine whether the
allegations are true and whether any remedial action should be ordered by
the Commission.
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